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20 1932

FINANCE ACT, 1932

PART VI.

Stamp Duties.

Stamp duty in respect of consolidated bank notes.

49. —(1) In respect of the half-year beginning on the 1st day of April, 1932, and in respect of every subsequent half-year, there shall be charged on and paid by every bank which is for the time being a shareholding bank within the meaning of the Currency Act, 1927 (No. 32 of 1927), a stamp duty at the rate of three per cent. per annum on the amount of consolidated bank notes which is, during such half-year, the quota within the meaning of section 54 of the said Act for the time being assigned to such bank under that section.

(2) Every bank liable to the payment of the duty imposed by this section shall be entitled, as against the amount of such duty payable by it in respect of any half-year, to credit for every payment which it is shown to the satisfaction of the Revenue Commissioners that such Bank has made or is liable to make to the Currency Commission in respect of that half-year on foot of the sum payable under paragraph (a) of sub-section (1) of section 65 of the Currency Act, 1927 , or on foot of the sum (calculated at one and one-half per cent. per annum) payable under paragraph (b) of that sub-section.

(3) Whenever the Currency Commission sends, in pursuance of sub-section (4) of section 65 of the Currency Act, 1927 , such certificate as is mentioned in that sub-section, the Currency Commission shall at the same time send a copy of such certificate to the Revenue Commissioners, and, for the purposes of section 32 of the said Act and of every oath taken thereunder, the Revenue Commissioners shall, in respect of every certificate so sent to them, be deemed to be acting in the execution of the said Act, and the sending of such certificate shall be deemed to be necessary for the purposes of the said Act.

(4) Every bank which is for the time being a shareholding bank within the meaning of the Currency Act, 1927 , shall within fourteen days after receiving from the Currency Commission any such certificate as is mentioned in sub-section (4) of section 65 of that Act, furnish to the Revenue Commissioners a statement showing—

(a) the quota assigned to such bank under section 54 of the said Act for the half-year to which such certificate relates, and

(b) the amount which such bank has paid or is liable to pay to the Currency Commission under sub-section (1) of section 65 of the said Act in respect of such half-year and the particulars of how such sum is made up, and

(c) such other particulars as the Revenue Commissioners may require.

(5) If any bank which is required by the next preceding sub-section of this section to deliver to the Revenue Commissioners any such statement as is mentioned in that sub-section, fails so to deliver such statement within the time limited by the said sub-section, such bank shall be liable to a penalty of one hundred pounds together with a further penalty of one hundred pounds for every day (after the first day) during which such failure continues.

(6) The stamp duty imposed by this section shall be payable by every bank chargeable therewith upon delivery of the statement mentioned in sub-section (4) of this section in respect of the half-year in respect of which such duty is payable.

(7) Notwithstanding anything contained in the Stamp Duties (Ireland) Act, 1815, this section shall apply to the Bank of Ireland so long as that Bank is a shareholding bank within the meaning of the Currency Act, 1927 .

Duty on certain sweepstakes.

50. —(1) There shall be charged in respect of the available surplus in every sweepstake which is held under the Public Charitable Hospitals (Temporary Provisions) Act, 1930 (No. 12 of 1930), and in which the drawing or any of the drawings of prizes is made after the 1st day of March, 1932, a stamp duty at the following rates, that is to say:—

(a) in the case of any such sweepstake in which the drawing or all the drawings of prizes was or were completed before the 6th day of April, 1932, at the rate of seventeen and one-half per cent. of the amount of the available surplus in such sweepstake, and

(b) in the case of every other such sweepstake, at the rate of twenty-five per cent. of the amount of the available, surplus in such sweepstake.

(2) The duty imposed by this section shall be paid to the Revenue Commissioners by the committee for the purposes of the sweepstake in which the available surplus chargeable with such duty arises, and shall be so paid on delivery of the statement required by the next following sub-section of this section, and shall be deducted by such committee from such available surplus, and shall be so deducted before ascertainment of the two-thirds and the one-third mentioned respectively in sections 5 and 6 of the Public Charitable Hospitals (Amendment) Act, 1931 (No. 24 of 1931).

(3) Every committee for the purposes of a sweepstake the available surplus in which is chargeable with the duty imposed by this section shall, within fourteen days after the completion of the audit of the accounts of such sweepstake in pursuance of section 6 of the Public Charitable Hospitals (Temporary Provisions) Act, 1930 , or (where such audit is completed before the passing of this Act) within fourteen days after the passing of this Act, deliver to the Revenue Commissioners a statement showing the amount of such available surplus together with such other particulars of such sweepstake as the Revenue Commissioners may require.

(4) If a committee which is required by the next foregoing sub-section of this section to deliver to the Revenue Commissioners a statement, fails to deliver such statement within the time limited by that sub-section, the delivery of such statement by such committee or any member thereof may be enforced by the Revenue Commissioners under section 47 of the Succession Duty Act, 1853, in all respects as if such statement were such account as is mentioned in that section and the failure to deliver such statement were such default as is mentioned in that section.

(5) In this section—

the word “committee” means a committee appointed under section 2 of the Public Charitable Hospitals (Temporary Provisions) Act, 1930 ; and

the expression “available surplus” has the same meaning as in sections 5 and 6 of the Public Charitable Hospitals Act, 1931 .